| Fair Value Measurement |
8. FAIR VALUE MEASUREMENT
Assumptions utilized in the valuation of Level 3 liabilities
are described as follows:
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Risk-free interest rate |
|
|
1.47%-1.75 |
% |
|
|
2.12% - 2.63 |
% |
|
|
1.47%-2.45 |
% |
|
|
1.62% - 2.63 |
% |
| Contractual term (years) |
|
|
1.00-5.00 |
|
|
|
0.03 - 2.75 |
|
|
|
1.00-10.00 |
|
|
|
0.25-3.25 |
|
| Expected volatility |
|
|
118%-139 |
% |
|
|
171% - 217 |
% |
|
|
106%-140 |
% |
|
|
113%-217 |
% |
| Expected dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
The following table sets forth a summary of
the changes in the fair value of Level 3 warrant liabilities that are measured at fair value on a recurring basis:
| Warrants Payable |
|
|
|
| Beginning balance as of January 1, 2019 |
|
$ |
5,965 |
|
| Change in fair value of warrants payable |
|
|
2,645 |
|
| Ending balance as of September 30, 2019 |
|
$ |
8,610 |
|
Assets and liabilities measured at fair value on a recurring or
nonrecurring basis are as follows:
| |
|
September 30, 2019 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Alternative fuel credits |
|
$ |
- |
|
|
$ |
352,625 |
|
|
$ |
- |
|
|
$ |
352,625 |
|
| Marketable securities |
|
|
3,032,399 |
|
|
|
- |
|
|
|
- |
|
|
|
3,032,399 |
|
| Total assets |
|
$ |
3,032,399 |
|
|
$ |
352,625 |
|
|
$ |
- |
|
|
$ |
3,385,024 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants payable |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,610 |
|
|
$ |
8,610 |
|
| Total liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,610 |
|
|
$ |
8,610 |
|
| |
|
December 31, 2018 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alternative fuel credits |
|
$ |
- |
|
|
$ |
331,120 |
|
|
$ |
- |
|
|
$ |
331,120 |
|
| Marketable securities |
|
|
2,878,664 |
|
|
|
- |
|
|
|
- |
|
|
|
2,878,664 |
|
| Total assets |
|
$ |
2,878,644 |
|
|
$ |
331,120 |
|
|
$ |
- |
|
|
$ |
3,209,784 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants payable |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,965 |
|
|
$ |
5,965 |
|
| Total liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,965 |
|
|
$ |
5,965 |
|
|